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6 tips for tax procrastinators

Still, for those who love last-minute cramming, here are a couple of interesting observations and pointers from tax experts with a minute or two to spare in the march to April 15. Bear in mind, however, that this isn’t the time for elaborate tax-reducing strategies.

“This late in the game; there isn’t a whole lot that most people can do from a planning standpoint,” said Lyle Benson, a certified public accountant and personal financial specialist, who is president of L.K. Benson & Co.

Here are six possible solutions to consider:

1. Find out where you stand

You can always file for an extension to buy yourself a little more time on submitting tax returns. But beware: April 15 is the date by when any taxes owed must be paid; there’s no procrastinating on paying Uncle Sam his due. “If you’re going to file for an extension, then you need to know the numbers and start gathering the cash for those payments,” said Benson.

2. Don't forget state extensions

If you file for a federal extension, don’t forget to file for a state extension, too.

If your investments are held in different states, you can end up having to file many state tax returns. “In that case, it’s important to file an extension for every state that’s relevant to the return,” said Jean-Luc Bourdon, a CPA, PFS and principal at Bright Path Wealth Planning.

This can be particularly tricky in some states, as certain jurisdictions allow taxpayers to ask for extensions electronically, while others require that the request be sent in via snail mail.

3. Round up paperwork BEFORE you file

If you're facing deadline pressure, make sure you’re not missing any Form 1099s, charitable-deduction receipts or any other paperwork that the Internal Revenue Service will need. It’s easy for those little slips of paper to get lost.

“Sometimes you have one-off investments somewhere and you didn’t get the 1099, or you disregard it or lose it,” said Gavin Morrissey, senior vice president of wealth management at Commonwealth Financial Network.

4. Get cracking on last-minute IRA contributions

You have just a few more days to make an individual retirement account contribution, noted Janet C. Hagy, a certified public accountant at Hagy & Associates PC.

Taxpayers can kick in their annual $5,500 contribution for the 2013 tax year ($6,500 if over 50) if they make that contribution by April 15.

“If you need time to fund a [simplified employee pension plan] IRA, you can get an extension, and you may have until Oct. 15 to fund it,” she added.

5. Fund your health savings account

Health savings accounts are paired with high-deductible health plans. The accounts provide tax-free growth and tax-free distributions, provided that the money is being used for qualified medical expenses.

The annual contribution limit for 2013 is $3,250 for self-only coverage and $6,450 for those with family coverage. The deadline for making those additions for the 2013 tax year is April 15.

“It’s the best because money goes in pretax and comes out tax-free,” Bourdon said. “That’s something the traditional and Roth IRAs don’t do.”

6. Integrate tax and investments strategies.

You have have been shocked by your tax bill this year as the new 3.8 percent net investment income tax, the 0.9 percent additional Medicare surtax on wages and higher capital gains (they’re now at 20 percent, up from 15 percent, at the highest level).

Use your surprise as inspiration to get cracking on strategies that would control income and capital gains taxes – and to prepare for the years ahead.

“This season pointed out the importance of integrating financial planning with tax planning,” Benson said. “There is also a change of mindset from the tax-planning standpoint that it needs to be multiyear-focused now.”